Caspin Resources Ltd (ASX:CPN) has recommenced drilling at Yarabrook Hill Prospect within the Yarawindah Brook PGE-Nickel-Copper Project near Perth in Western Australia.
The program consists of about 5,000 metres of reverse circulation (RC) drilling and will test bedrock extensions of platinum group elements (PGE)-nickel-copper sulphides.
It will follow up a recently completed diamond drill program that returned broad zones of anomalous PGE mineralisation with narrow intercepts of significant palladium, platinum, nickel and copper mineralisation.
Expanding the drill coverage is expected to assist Caspin to vector towards more PGE-rich zones
Recent assay results
Better results from recent drilling were returned from hole YAD0017:
- 4.4 metres at 0.78 g/t PGE (0.52 g/t palladium, 0.26 g/t platinum), 0.43% nickel and 1% copper from 66.2 metres, including 0.65 metres at 1.93 g/t PGE (1.11 g/t palladium, 0.82 g/t platinum), 1.46% nickel and 1.6% copper from 67.75 metres;
- 0.2 metres at 4.17 g/t PGE (0.95 g/t palladium, 3.22 g/t platinum), 3.49% nickel and 1.43% copper from 155.97 metres; and
- 9.2 metres at 0.74 g/t PGE (0.35 g/t palladium, 0.39 g/t platinum), 0.19% nickel and 0.24% copper from 300.85 metres, including 0.7 metres at 0.77 g/t palladium, 3.33 g/t platinum, 0.56% nickel & 2.01% copper from 308.50 metres.
Purpose of drilling
Caspin’s program will include large step-outs between recent drill holes, over 1.25 kilometres of strike, as well as targeting the up-dip position closer to the surface, where the dip of the intrusion is interpreted to flatten.
This is potentially a favourable mineralising position in these types of PGE systems, for example as seen in the Flatreef Deposit within the Platreef mine owned by Ivanhoe Mines Ltd (TSE:IVN) subsidiary Ivanplats (TSX:IVP) in South Africa.
Caspin is well-funded to meet its exploration objectives with about $15 million in cash following a recent $9.75 million placement to new and existing investors.
- Ephrems Joseph